All 2016 individual income tax return preparers need to be thoroughly familiar with Affordable Care Act compliance issues as it relates to individual taxpayers. Preparers should be able to knowledgeably prepare Form 8962, Form 9065, The program includes a case study with a line-by-line analysis of the relevant forms.

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Description
All 2016 individual income tax return preparers need to be thoroughly familiar with Affordable Care Act compliance issues as it relates to individual taxpayers. Preparers should be able to knowledgeably prepare Form 8962, which deals with anyone eligible for a premium tax credit or who received a premium tax credit, whether eligible for it or not. Preparers should also be familiar with any applicable exemptions to the individual penalty that could apply and Form 9065, where application for an exemption is made. The program includes a case study with a line-by-line analysis of the relevant forms.

Major Topics

Determining the amount of the individual's shared responsibility penalty

Statutory exemptions from mandated health insurance coverage

Obtaining and calculating the amount of the premium tax credit

Reconciling the amount of the individual’s premium tax credit awarded with the amount to which the individual is entitled

Ins and outs of Form 8962, Premium Tax Credit

Form 8965, Health Coverage Exemptions

Complete case study with filled-in forms

Objectives

Prepare and process the tax forms relating to the premium tax and the individual shared responsibility penalty for 2016